Falklands : Hydrocarbons Daily Record Wednesday, 23 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 24.07.2008 (Article Archived on 07.08.2008)
Two main factors helped crude prices to decline substantially today. Category 2 Hurricane “Dolly” has missed refineries and other oil related infrastructure in the Gulf of Mexico.
Secondly there was another good inventory report from the US Department of Energy Administration showing that gasoline supplies have risen 10.9 Million Barrels from what they were last year at this time. Distillates have also increased by 4.4 million barrels from what they were last year at this time.
HYDROCARBONS DAILY RECORD WEDNESDAY, 23 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 23 July 2008 Light Sweet Crude was trading at $124.44 down $3.98 on the New York Mercantile Exchange. Brent Crude was trading at $125.44 down $4.11 on London’s ICE Futures Market.
ANALYSIS:
Two main factors helped crude prices to decline substantially today. Category 2 Hurricane “Dolly” has missed refineries and other oil related infrastructure in the Gulf of Mexico.
Secondly there was another good inventory report from the US Department of Energy Administration showing that gasoline supplies have risen 10.9 Million Barrels from what they were last year at this time. Distillates have also increased by 4.4 million barrels from what they were last year at this time.
Declining demand has also helped crude prices to lower considerably. Demand has eased due to the extremely high cost of hydrocarbons products with people staying at home during summer vacations as well as using alternative modes of transport. Also alternative energy is being used more with wind and solar energy being the hot choices. More electric and natural gas fuelled vehicles are also on the streets, with municipalities cashing in on savings by using natural gas instead of gasoline for fuel.
RELATED ARTICLES:
(Inventory Report)
Oil prices fell further on Wednesday as traders digested stronger-than-expected gasoline (petrol) reserves in the United States, the world's biggest crude consumer, analysts said.
http://afp.google.com/article/ALeqM5ggof5AYV9IgsBty9RLbOhiff8V-A
(Crude Prices)
Oil prices fell further on Wednesday as Hurricane Dolly looked set to miss US energy installations in the Gulf of Mexico, analysts said.
http://business.maktoob.com/NewsDetails-20070423176809-Oil_prices_extend_losses_as_Dolly_fears_recede.htm
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 23 July 2008.
TLW: 765.50 down 14.50, DES: 78.00 up 3.00, FOGL: 114.50 up 4.00 RKH: 72.00 down 0.25, BOR: 70.75 up 2.50 PRE: 12.25 unchanged GBP: 7.25.00 unchanged, GPK: 421.50 unchanged, BLT 1616.00 down 2.00 RDSA: 1842.00 down 15.00, RDSB: 1826.00 down 12.00
New York Stock Exchange:
XOM: 80.89 down 1.87 (Trading in USD)
THE MARKETS (23/07/08)
FTSE100: 5,449.90 up 85.75 FTSE250: 9,189.80 up 207.54 SmallCap: 2,764.10 up 29.35
DJI: 11,632.38 up 29.88 NASDAQ: 2,325.88 up 21.92 S&P500: 1,282.18 up 5.18
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 18/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Research and Development)
Russian oil company Lukoil and Venezuelan state-owned energy major PDVSA have signed a joint study agreement for the Junin-3 block in the Orinoco heavy oil belt in the Guarico state of Venezuela.
http://www.istockanalyst.com/article/viewiStockNews+articleid_2426568&title=Lukoil_
PDVSA_Sign_Joint.html
(North Pole)
The area north of the Arctic Circle has an estimated 90 billion barrels of undiscovered, technically recoverable oil, 1,670 trillion cubic feet of technically recoverable natural gas, and 44 million barrels of technically recoverable natural gas liquids in 25 geologically defined areas thought to have potential for petroleum.
http://www.usgs.gov/newsroom/article.asp?ID=1980
(Russia and Venezuela)
Many analysts expected Venezuelan President Hugo Chavez, who visited Moscow on July 22, to sign new agreements in military-technical cooperation, but this did not happen.
http://en.rian.ru/analysis/20080723/114772902.html
(United Kingdom)
Antrim Energy Inc. announces the 21/28a-10 well on the Fyne field was successfully drilled and encountered 32 ft of net oil pay in the Eocene Tay Sandstone. These drilling results are similar to the Fyne discovery well 21/28a-2, which tested up to 3,600 bopd from 30 ft of reservoir section. Antrim is operator with a 75% working interest
http://www.oilvoice.com/n/Antrim_Energy_Drills_Successful_Appraisal_Well_on_Fyne_Field_
UK_Central_North_Sea/2b7b86d5.aspx
Northern Offshore UK had 43 crew members stuck on its jackup Energy Exerter for more than a week after immigration authorities blocked a crew change.
http://www.energycurrent.com/index.php?id=2&storyid=12038
REGIONAL DEVELOPMENTS:
(Chile)
For the second quarter of 2008, Methanex reported Adjusted EBITDA(1) of $78.9 million, net income of $38.9 million and earnings per share of $0.41 (on a diluted basis).
http://www.tradingmarkets.com/.site/news/Stock%20News/1775202/
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
DISCLAIMER: The sources for related articles come from a variety of websites so that readers can get as wide a selection of views as possible. HDR does not necessarily align itself with any of the views expressed.
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